IMF Revives Loan Program For Pakistan.

ISLAMABAD -- The International MonAetary Fund (IMF) on Monday finally revived its loan programme for Pakistan after approvAing the much needAed $1.16 billion, which would pave the way for getting loans from othAer multilateral and biAlateral sources.

The Executive Board of the IMF has apAproved completion of the combined 7th and 8th review under the EFF and release of the tranche of SDR 894 milAlion ($1.16 billion). The completion of review will help catalyze cruAcial external financing from multilateral and bilateral development partners. The Board also approved the exAtension of the program through end-June 2023, and augmentation of access by SDR 720 milAlion ($934m) increasAing the total program size to SDR 4,988 milAlion equivalent to 245.6 percent of the quota.

The IMF Board exApressed deepest condoAlences and sympathies with Pakistani authoriAties over the tragic loss of lives and livelihoods caused by the floods in Pakistan. The Executive Board welcomed the auAthorities' recent efforts to bring the program back on track and renewed commitment to program policies and targets.

Prime Minister ShehAbaz Sharif has declared the revival of the IMF programme a positive development for the economy of Pakistan.

In a statement, he said restoration of the IMF progr mme ended the risk of economic default of Pakistan.

'Thanks to Allah, Pakistan emerged successfully out of a difficult economic challenge,' he said, adding the IMF proAgramme was a phase and destiAnation of Pakistan was economAic self-sufficiency.

He praised Minister for FiAnance Miftah Ismail and his team for the revival of the finanAcial programme. Finance MinisAter Miftah Ismail has expressed satisfaction over the approval. 'Alhamdolillah the IMF Board has approved the revival of our EFF program. We should now be getting the 7th and 8th tranchAes of $1.17 billion,' said the FiAnance Minister on twitter. He thanked the Prime Minister SheAhbaz Sharif for taking so many tough decisions and saving PaAkistan from default. 'I congratuAlate the nation' he added.

The Ministry of Finance is expecting to receive the loan tranche within the current week. The much needed inflow of tranche would build the counAtry's foreign exchange reserves as well as improving the value of local currency. It would also open venues for receiving loans from other multilateral and bilatAeral sources during the current fiscal year. Foreign reserves held by the State Bank of Pakistan has recently declined to...